Posted at Egmore RMS/(Patrikka Channel)Date of Publication : 2nd of every month Registered - RNI Reg. No. 28192/1975 - RNP Registered No. TN/CH(C)327/15-17Date of posting : 6th June 2015 WPP No. TN/PMG(CCR)/WPP-354/2015-17

40th

Yea

r of P

ublic

atio

n

Advt

.

Faculties

Members

PRICE `5 June 2015 | Volume 40 • Part 12

128

272

National Faculty Development Programme organised by BOS-ICAI & SIRC – May 2 & 3, 2015, Chennai

1st Sub Regional Conference of SIRC – May 23, 2015, Mysore – Host: Mysore Br.: SIRC Chairman CA. P.R. Aruloli addressing the delegates. Seated (L-R): Mysore Br Secretary CA. M.C. Shivananda, RCM CA. Cotha S. Srinivas, SIRC Secretary CA. E. Phalguna Kumar, Mysore Br Chairman C.S. Sathyanarayana and SIRC Vice-Chairman CA. V.X. Jose.

General Amnesty Scheme – May 10, 2015, Chennai: Offi cers and Staffs of SIRC and Members Department along with SIRC Chairman CA. P.R. Aruloli at the initiative to reach the members for the General Amnesty Scheme.

SIRC Regional Residential Seminar – April 24 to 26, 2015 – Yercaud: Dignitaries at the Inaugural Session. From (L-R): Pondicherry Br Secretary CA M.S. Ravichandran, SIRC Imm. Past Chairman CA. P.V. Rajarajeswaran, Salem Br Chairman CA. A. Sowkath Ali, Salem Commissioner of Income Tax Mr. Arulappa, IRS, SIRC Chairman CA. P.R. Aruloli, Pondicherry Br Chairman CA. K. Kumuraguru, SIRC Secretary CA. E. Phalguna Kumar and Salem Br Secretary CA. R. Raveendran.

CA. M. Devaraja Reddy, Vice-President-ICAI honouring CA. V. Murali, Chairman, BOS-ICAI in the presence of SIRC Chairman CA. P.R. Aruloli, CCM CA. S. Santhana Krishnan, Treasurer CA.B. Sekkizhar

SIRC Regional Residential Seminar – May 2 & 3, 2015, Yelagiri – Host: Vellore & Nellore Br.: Chief Guest CA. M. Devaraja Reddy, Vice-President-ICAI (3rd from Left). Also seen from (L-R): SIRC Secretary CA. E. Phalguna Kumar, Vellore Br Chairman CA. B.S. Surya Narayanan, SIRC Chairman CA. P.R. Aruloli, Nellore Br Chairman CA. P.V. Rama Raghava Rao and SIRC Treasurer CA. B. Sekkizhar.

Chief Guest DGP A. Natraj, IPS lighting the lamp on May 3, 2015 in the presence of CA. V. Murali, Chairman, BOS-ICAI and CCM CA. S. Santhana Krishnan.

CPE Meeting on “Make in India – Role of CAs” - May 25, 2015, Chennai. Shri T.S. Krishnamurthy, IRS, Former Chief Election Commissioner with SIRC Chairman CA. P.R. Aruloli, Past CCM CA. G. Narayanaswamy and CA. R. Marimuthu.

National Convention for CA Students – May 20 & 21, 2015, Ernakulam: CA. V. Murali, Chairman, BOS-ICAI being honoured by CCM CA. Babu Abraham Kallivayalil in the presence of SIRC Chairman CA. P.R. Aruloli.

Chief Guest at Valedictory Session Dr. R.K. Raghavan, IPS, Former Director, CBI being honoured by SIRC Chairman CA. P.R. Aruloli in the presence of CA. V. Murali, Chairman, BOS-ICAI.

GMCS Course – May 19, 2015, Chennai: Chief Guest Mr. Nalli Kuppuswami Chetti being honoured by CA. V. Murali, Chairman, BOS-ICAI in the presence of SIRC Chairman CA. P.R. Aruloli and Resource Person CA. R. Gayathri Devi.

Group photo of Faculty Participants along with CA. V. Murali, Chairman, BOS-ICAI, SIRC Chairman CA. P.R. Aruloli and BOS Addl. Secretary Mrs. Vandana Nagpal.

ICAI Ceritifi cate Course on Forex and Treasury Management - May 9, 2015, Chennai. CA. V. Murali, Chairman, BOS-ICAI being presented a bouquet by a participant in the presence of SIRC Chairman CA. P.R. Aruloli and Resource Person.

Interactive Meeting with Members at Hyderabad Branch – May 18, 2015: SIRC Chairman CA. P.R. Aruloli along with SIRC Treasurer CA. B. Sekkizhar, SICASA Chairman CA. Adusumilli Venkateswara Rao, Hyderabad Br Chairman CA. V. Raghunandan, Managing Committee Members, DCO and Branch staff.

3

June - 2015

Three Regional Residential CPE Seminars were organized by SIRC on May 1 & 2, 2015 at Munnar hosted by Ernakulam and Tirupati Branches, May 2 & 3, 2015 at Yelagiri hosted by Vellore and Nellore Branches and May 8 & 9, 2015 at Guruvayur hosted by Trichur, Coimbatore and Erode Branches as part of our effort to continuously provide our members opportunity to relax and learn. With these Regional Residential Seminars, branches have come together in organizing programmes for mutual benefit of members of co-hosting branches. I congratulate the Chairman, Offi ce-bearers and Managing Committee Members of all the host Branches for organizing programmes for members and students at large.

I had the pleasant opportunity of meeting the members and students at the above programmes at Chennai and across the Southern Region.

Future Programmes of SIRC of ICAIThree Sub Regional Conferences of SIRC of ICAI are scheduled during June, July and August. The 2nd Sub Regional Conference will be held at Visakhapatnam on June 12 & 13, 2015 hosted by Visakhapatnam Branch. The 3rd Sub Regional Conference will be hosted by Pondicherry Branch on July 4, 2015 at Pondicherry. The 4th Sub Regional Conference will be hosted on August 1, 2015 by Hyderabad Branch at Hyderabad.

A Regional Residential CPE Seminars will be held at Courtallam on July 25 & 26, 2015 hosted by Tirunelveli and Madurai Branches.

A major programme 5th All Regions Joint Conference organized by all the fi ve Regions, viz., SIRC, WIRC, EIRC, CIRC and NIRC will be held on 19th and 20th June 2015 at ITC Grand Chola, Chennai, which is hosted by SIRC for the fi rst time. I request you to register in advance since the registration is limited to 1000 in view of hall capacity, on fi rst cum fi rst served basis.

Chartered Accountants’ Month (CA Month)Our Institute will be completing its 66th year of glorious existence on July 1, 2015 - the CA Day. SIRC has been celebrating "Chartered Accountants Day" as a solidarity day and in a manner befi tting the occasion with more visibility to the profession. Our President CA. Manoj Fadnis has called upon the Regional Councils and Branches to celebrate the Chartered Accountants Day all through the month and brand the same as CA Month and the celebrations will be kicked off on CA Day i.e July 1st. Besides the activities normally undertaken including honouring senior members, several specifi ed activities in a structured manner will be organized, as called upon by ICAI President. The members are requested to whole heartedly and joyfully participate in all the activities with family to create a marked impact.

47th Regional Conference of SIRC of ICAIThe 47th Regional Conference of SIRC of ICAI will be held on August 22 & 23, 2015 at Confl uence, ECR-OMR Junction, Mahabalipuram, Chennai – 603104, a grand new setting for Conventions/Conferences. The theme of the Conference is ““åOó†´‹åOó†´‹”” (Olirattum - Glow to Grow). The Regional

My Dear Professional Colleagues,Vanakkam,Success fuels happiness and happiness in turn fuels greater success leading to glow from grow. In the words of Mahatma Gandhi “Happiness is when what you think, what you say, and what you do are in harmony”. Most of us think to do what we think in the way we think to get that thought through the act in accordance to it. The honest answer for the most is “I really don’t know much about my thinking or about thinking in general. I suppose in my life I have more or less taken my thinking for granted. I don’t really know how it works. I have never really studied it. I don’t know how I test it, or even if I do test it. It just happens in my mind automatically”

â‡Eò â‡Eò£ƒ° ÞòŸÁè â¡Áâ¬ù ܇E àœåƒ°‹.

We had with us Shri T.S. Krishnamurthy, IRS, Former Chief Election Commissioner of India to address our members on “Make in India – Role of CAs” at the CPE Meeting on May 25, 2015. Similar programmes have been slated during the month – on 8th June Shri M.B. Nirmal of Exnora International will address on “Thuimai India – Role of Intelligentsia”, on 15th June Shri K. Pandiarajan, Member of Tamilnadu Legislative Assembly will address on “Impact of Analytics on the Finance Function”, on 22nd June Shri. R. Velu, Former Union Minister of State for Railways will be addressing on “Corporate Social Responsibility - Role of CA” and on 29th June an interactive meeting will be held with Past District Governors of Lions and Past District Governors of Rotary.

Four Study Circle Meetings on various topics and a workshop on Advanced Excel were held in the month of May 2015.

A Two Day National Seminar on various subjects organized by CPE Committee of ICAI and hosted by SIRC was held on May 22 & 23, 2015 at Chennai. CA. M. Devaraja Reddy, Vice-President, ICAI was the Chief Guest and Shri B.K. Bansal, Regional Director (SR), Ministry of Corporate Affairs was the Guest of Honour. More than 300 members attended the Seminar.

The fi rst Sub-Regional Conference of SIRC of ICAI was held on May 23, 2015 at Mysore. The Mysore Branch played the host. SIRC appreciates the efforts put in by the Chairman of the Branch CA. C.S. Sathyanarayana and Managing Committee Members. The Conference was attended by more than 100 delegates.

Chairman writes...

4

June - 2015

Contact: Mr. R. Rajendran, Assistant Secretary, ICAI – Phone: 044 – 30210320 / 321 – E-mail: sirc@icai.in

SIRC CALENDAR JUNE - JULY 2015

Sl.No

ProgrammeDate(s) & Day(s)

Programme Name Resource Person(s) Timings VenueCPE

Credit

Delegate Fee*Page No.

For Pre-Regn.

For Spot Regn.

1June 1, 2015

Monday

CPE Lecture Meeting on Kural in Income, Wealth, Income & Tax

CA. A ArjunarajCoimbatore

6.15 pm to

8.30 pm

P. Brahmayya

Memorial Hall2 No Delegate Fee -

2June 3, 2015

Wednesday

CPE Study Circle Meeting on

Provision – One Person CompanyCA. K T Kuthalingam

Hosur

6.15 pm to

8.30 pm

P. Brahmayya

Memorial Hall2 180 200 -

3June 8, 2015

Monday

CPE Lecture Meeting on

Thuimai India – Role of Intelligentsia

Shri M.B. NirmalExnora International

Chennai

6.15 pm to

8.30 pm

P. Brahmayya

Memorial Hall2 No Delegate Fee -

4June 10, 2015

Wednesday

CPE Study Circle Meeting on

Demystifying Amendments in Form 3CA, 3CD, 3CBCA. Naveen Khariwal

Bangalore

6.15 pm to

8.30 pm

P. Brahmayya

Memorial Hall2 180 200 -

5June 11, 2015

Thursday

Interactive Meeting on Issues in Company Law and Way Forward

Two Eminent Speakers

HTea-4.30 pm

5.00 pm to

8.00 pm

ICAI Bhawan 3 No Fee 7

6June 12 &13, 2015

Friday & Saturday2nd Sub Regional Conference at Visakhapatnam Details Inside 12 Details Inside 6

7June 15, 2015

Monday

CPE Lecture on

Impact of Analytics on the Finance FunctionShri. K. Pandiarajan, MLAFounder - Ma Foi Group

6.15 pm to

8.30 pm

P. Brahmayya

Memorial Hall2 No Delegate Fee -

8June17, 2015

Wednesday

CPE Study Circle Meeting on

IT considerations in Internal AuditCA. K. Paul Jayakar

Chennai

6.15 pm to

8.30 pm

P. Brahmayya

Memorial Hall2 180 200 -

9June 19 & 20, 2015

Friday & Saturday5th All Region Joint Conference Details Inside

ITC Grand Chola,

Chennai12 Details Inside 8-9

10June 22, 2015

Monday

CPE Lecture Meeting on

Corporate Social Responsibility - Role of CA

Shri. R. VeluFormer Union Minister of State

for Railways

6.15 pm to

8.30 pm

P. Brahmayya

Memorial Hall2 No Delegate Fee -

11June 24, 2015

Wednesday

CPE Study Circle Meeting on

Point of TaxationCA. Hari Govind

Pondicherry

6.15 pm to

8.30 pm

P. Brahmayya

Memorial Hall2 180 200 -

12June 25, 2015

Thursday

One Day Awareness Programme on

InsuranceDetails will be hosted in the website

www.sircofi cai.org

10.00 am to

5.00 pm

P. Brahmayya

Memorial Hall6 900 1000 -

13June 26 & 27

Friday & SaturdayTwo Day CPE Workshop on Service Tax

10.00 am to

5.00 pm

P. Brahmayya

Memorial Hall12 1800 2000 10

14June 29, 2015

Monday

Interactive Meeting with CAs at the helm of Social Organisations

CA. PDG. G V Raman, CA. PDG. Palamalai, CA. PDG. K Ramadurai, Chennai

CA. PDG. Rajagopal, CA. PDG. C.N. Gangadharan, CA. PDG. P T Ramkumar, Chennai

6.15 pm to

8.30 pm

P. Brahmayya

Memorial Hall2 No Delegate Fee -

15June 30, 2015

Tuesday

One Day Seminar on

GSTDetails will be hosted in the website

www.sircofi cai.org

10.00 am to

5.00 pm

P. Brahmayya

Memorial Hall6 900 1000 -

16July 1, 2015

WednesdayChartered Accountants Day Celebrations Details Inside - - 7

5

June - 2015

Conference is happening in Chennai after a gap of 7 years. Mem

bers are requested to block the dates and register in advance. Outstation m

embers are requested to book their tickets and accom

modation in

advance. The details of the Conference and fl ight timings at Chennai

are published in this Newsletter. The train tim

ings from various places

to Chennai and Puducherry and tariff of hotels in Chennai, M

ahabalipuram &

Puducherry are hosted in the SIRC website (w

ww

.sircofi cai.org).

Branch VisitsThe Hyderabad Branch organized an Interactive M

eeting of Mem

bers w

ith SIRC Chairman on M

ay 18, 2015. The interactive meeting w

as very purposeful and underscored the signifi cance of understanding the requirem

ents of our professional fraternity.

I had the pleasure of partaking at the National Convention of CA Students organized by Board of Studies at Kochi on M

ay 20 & 21, 2015

and share my thoughts am

ongst the students exhorting them for a

bright career.

ICAI Programm

esICAI organized various program

mes and courses at Chennai. The

Board of Studies of ICAI organized a two day Faculty Developm

ent Program

me on M

ay 2 & 3, 2015, w

hich was attended by m

ore than 150 faculty m

embers. The Certifi cate course on Forex and Treasury

Managem

ent (FXTM) w

as conducted on two alternate w

eek-ends in M

ay 2015 which com

menced on 9th M

ay 2015. A Workshop on “Forensic

Audit and Fraud Prevention” was organized at Chennai on M

ay 29, 2015 w

ith large participation of mem

bers.

General Amnesty Schem

eI am

happy to share with you that the response to the General Am

nesty Schem

e from the m

embers w

as very encouraging once again during the extended period till M

ay 15, 2015. I thank all the mem

bers once again w

ho have restored their names under the said schem

e. SIRC w

elcomes all of them

back to our fold and request them to participate

in the programm

es organized by SIRC and be benefi ted. I place on record m

y appreciations to the efforts and involvement of all the staff

of Mem

bers Section.

ConvocationFor prom

oting a sense of bonhomie am

ong mem

bers and also for bringing them

closer to the Institute, ICAI is organizing the Convocation for m

embers enrolled during the period from

December 2014 to M

arch 2015 at Chennai on June 19, 2015 and at Hyderabad on July 10, 2015. SIRC w

elcomes them

to participate and receive their Certifi cates of M

embership am

idst the august gathering of the President and other dignitaries. SIRC w

ish them all the best in their professional career.

Warm

RegardsYours in professional service

CA. P.R. ARULOLIchairm

ansirc@gm

ail.com

Chairman w

rites (contd...)17

July 3, 2015

Friday

CA Month Celebrations-

Distribution of Plant Saplings at HubliCA. P R AruloliChairman, SIRC

11.00 am Hubli Branch of SIRC of ICAI -

18July 4, 2015

Saturday3rd Sub Regional Conference at Pondicherry Details Inside 6 Details Inside 6

19July 4, 2015

Saturay

CA Month Celebrations-

Distribution of Literacy KitCA. P R AruloliChairman, SIRC

3.00 pm Pondicherry Branch of SIRC of ICAI -

20July 4 & 5, 2015

Saturday & SundayBlood Donation Camp 9.00 am

ICAI Bhawan,

ChennaiDetails Inside 10

21July 6, 2015

Monday

CPE Workshop on

International TaxationDetails Inside

10.00 am to

5.00 pm

P. Brahmayya

Memorial Hall6 Details Inside 7

22July 6, 2015

Monday

CA Month Celebrations

Clean India MovementCA. P R AruloliChairman, SIRC

11.00 am Nungambakkam School -

*Delegate Fee : Pre-regn. will be considered upto immediate preceding day of the programme only.

Online enrolment through http://sircofi cai.org/CPEcalendarnew.aspx?id=forth is requested.

Otherwise specifi ed, the Delegate Fee for SIRC Programmes may be paid by way of Cash or by Cheque / DD drawn in favour of 'SIRC of ICAI' payable at Chennai and shall be sent to

SIRC of ICAI, 'ICAI Bhawan', No. 122, Mahatma Gandhi Road, Nungambakkam, Chennai - 600 034. Phone: 044-30210320; Fax: 044-30210355; Email: sirc@icai.in suffi ciently in advance.

Members are requested to avoid SPOT Registration.

5

June - 2015

Conference is happening in Chennai after a gap of 7 years. Members are requested to block the dates and register in advance. Outstation members are requested to book their tickets and accommodation in advance. The details of the Conference and fl ight timings at Chennai are published in this Newsletter. The train timings from various places to Chennai and Puducherry and tariff of hotels in Chennai, Mahabalipuram & Puducherry are hosted in the SIRC website (www.sircofi cai.org).

Branch VisitsThe Hyderabad Branch organized an Interactive Meeting of Members with SIRC Chairman on May 18, 2015. The interactive meeting was very purposeful and underscored the signifi cance of understanding the requirements of our professional fraternity.

I had the pleasure of partaking at the National Convention of CA Students organized by Board of Studies at Kochi on May 20 & 21, 2015 and share my thoughts amongst the students exhorting them for a bright career.

ICAI ProgrammesICAI organized various programmes and courses at Chennai. The Board of Studies of ICAI organized a two day Faculty Development Programme on May 2 & 3, 2015, which was attended by more than 150 faculty members. The Certifi cate course on Forex and Treasury Management (FXTM) was conducted on two alternate week-ends in May 2015 which commenced on 9th May 2015. A Workshop on “Forensic Audit and Fraud Prevention” was organized at Chennai on May 29, 2015 with large participation of members.

General Amnesty SchemeI am happy to share with you that the response to the General Amnesty Scheme from the members was very encouraging once again during the extended period till May 15, 2015. I thank all the members once again who have restored their names under the said scheme. SIRC welcomes all of them back to our fold and request them to participate in the programmes organized by SIRC and be benefi ted. I place on record my appreciations to the efforts and involvement of all the staff of Members Section.

ConvocationFor promoting a sense of bonhomie among members and also for bringing them closer to the Institute, ICAI is organizing the Convocation for members enrolled during the period from December 2014 to March 2015 at Chennai on June 19, 2015 and at Hyderabad on July 10, 2015. SIRC welcomes them to participate and receive their Certifi cates of Membership amidst the august gathering of the President and other dignitaries. SIRC wish them all the best in their professional career.

Warm RegardsYours in professional service

CA. P.R. ARULOLIchairmansirc@gmail.com

Chairman writes (contd...)

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6

June - 2015

Hosted by Visakhapatnam BranchThe Gateway Hotel (Taj), Beach Road, Visakhapatnam

June 12 & 13, 2015 (Friday & Saturday)

2nd Sub Regional Conference of SIRC Of ICAI - VisakhapatnamTheme: Pragati – path to progress

Guest of HonourCA. M. Devaraja Reddy, Vice President, ICAI

Special AddressCA. P.R. Aruloli, Chairman, SIRC of ICAI

Technical Session Topics

Profession – Way Forward Borrowings & Deposits under Companies Act, 2013

Analysis of Exemptions & Recent Changes under Service Tax Act

Deemed Incomes under Income Tax Act

Income computation and Disclosure standards under Income Tax Act

Valuation of Properties under Income Tax Act :Various Methods & Issues

MAT u/s 115 JB & AMT u/s 115 JC of Income Tax Act Real Estate Transactions and Capital Gains

Delegate Fee

Members enrolled on or before 31.3.2010 - ` 2,000/- Members enrolled on or after 01.04.2010 - ` 1,500/-

Cheque / Demand draft to be drawn in favour of Visakhapatnam Branch of SIRC of ICAI, payable at Visakhapatnam and sent to Chairman, Visakhapatnam Branch, ICAI Bhawan, D.No.9-36-22/2, Opp. Andhra Bank, Pithampuram Colony, Visakhapatnam- 530003. Phone: 0891-2755019 - Fax: 0891-2793196 - Email: visakhapatnam@icai.in

CA. P.R. AruloliChairman, SIRC of ICAI

CA. N.N.S. Prakasa Rao Chairman, Visakhapatnam Br.

CA. D.L.S.V. Ramana Rao Secretary,Visakhapatnam Br.

CA. E. Phalguna Kumar Secretary, SIRC of ICAI

CPE Credit

122HRS

Chief Guest: Shri. R. Radhakrishnan, M.B.AMember of Parliament, Puducherry

Special Address : CA. P.R. Aruloli Chairman, SIRC of ICAI

Topics Resource Persons Delegate FeeRecent Controversies in Income Tax

Recent Changes and Issues in Service Tax Law

GST – The Way Forward

Assessment Procedures under Income Tax Act

CA. R.Bupathy, Past President, ICAI

Shri K. Vaitheeswaran, Advocate and Tax Consultant, Chennai

CA. V.V. Sampath Kumar, Chennai

CA. Naveen Kairwal, Bangalore

Members : ` 1,250/-

Non Members : ` 1,500/-

Students : ` 750/-

Demand Draft / Cheque shall be drawn favouring Pondicherry Branch of SIRC of ICAI payable at Puducherry and sent to Chairman, Pondicherry Branch of SIRC of ICAI, ‘ICAI Bhawan’ No. 8, Second Main Road, Ilango Nagar, Puducherry – 605 011. Phone: 0413-4308081 E-Mail ID: pondicherry@icai.org

CA. P.R. AruloliChairman, SIRC of ICAI

CA. K. KumaraguruChairman, Pondicherry Br

CA. M.S.RavichandranSecretary, Pondicherry Br

CA. E. Phalguna Kumar Secretary, SIRC of ICAI

Hosted by Pondicherry BranchHotel Shenbaka Residency, M.G.Road, Puducherry

July 4, 2015 (Saturday)

3nd Sub Regional Conference of SIRC Of ICAI - Puducherry CPE Credit

66HRS

Hosted by Tirunelveli & Madurai Branches of SIRC of ICAI

Delegate FeeResidential

Registrations Upto

15.7.2015From

16.7.2015Delegate fee by way of cash or by cheque/demand draft drawn in favour of Tirunelveli Branch of SIRC of ICAI, payable at Tirunelveli shall be sent to Tirunelveli Branch of SIRC of ICAI, ICAI Bhawan, A-72, Fifth Cross Street, NGO A Colony, Tirunelveli-627001

Member Rs.5500 Rs.6000

CA. P.R. AruloliChairmanSIRC of ICAI

CA.R B K Samuel ChairmanTirunelveli Br

CA.Dungar Chand U JainChairmanMadurai Br

CA.A MichaelSecretaryTirunelveli Br.

CA.R JagadeeshSecretaryMadurai Br.

CA E Phalguna KumarSecretarySIRC of ICAI

Organized by SIRC of ICAIThe Kuttalam Heritage, Shengottai Coutrallam Main

Road,Illangi, on July 25 & 26, 2015

REGIONAL RESIDENTIAL CPE SEMINAR AT COUTRALLAM CPE Credit

12HRS

7

June - 2015

Interactive Meeting on Issues in Company Law and Way ForwardHost: SIRC of ICAI

CPE Credit

33HRS

Considering many queries, confusions and practical issues arising out of the Companies Act, 2013 an interactive meeting has been organised by the Corporate Laws and Corporate Governance Committee of the ICAI. Members will be apprised of the latest developments, representations being pursued and way forward in respect of implementation and practical issues. Members may email queries in advance to clcgc@icai.in

Date 11th June, 2015 No Delegate Fee

Registration is on First Come First Serve Basis. For Registration, please confi rm to mail id chairmansirc@gmail.com or SMS 9003097861 with your name and mem-

bership number.

Members are cordially invited.

Topic Legal and practical issues w.r.t. Company Law

Speaker Two Eminent Speakers

Timings 5.00 p.m. to 8.00 p.m.

Venue ICAI Bhawan, 122, Mahatma Gandhi Road, Post ox No 3314, Nungambakkam, Chennai 6000034/ Cont-0120-3045971

High Tea 4.30 p.m. onwards

CA. S. Santhanakrishnan, Chairman, CLCG Committee of ICAI CA. P.R. Aruloli, Chairman, SIRC of ICAI

Time Programmes Venue

06.00 a.m. Walkathon by the Members and Students of ICAI with their family Marina Beach, Chennai.

08.30 a.m. Institute’s Flag Hoisting by CA. P. R. ARULOLI, Chairman, SIRC of ICAI ICAI Bhawan, Chennai

01.00 p.m. Feeding the Poor

04.30 p.m.

Sports & Games for Children and Spouse of Members

for Children’s of Members: Book Balancing, Lemon & Spoon, Observation (IQ) Test and Musical Chair

for Spouse of Members : Musical Bus Stop.

ICAI Bhawan, Chennai.

06.00 p.m.CA Day Celebrations & Honouring of Senior Members of the ProfessionChief Guest: CA.V. Murali, Past Chairman, SIRC of ICAI

P. Brahmayya Memorial Hall, ICAI Bhawan, Chennai.

08.00 p.m. Dinner ICAI Bhawan, Chennai.

CA. P.R. Aruloli, Chairman, SIRC of ICAI CA. E. Phalguna Kumar, Secretary, SIRC

CA Day Celebrations-1st July, 2015 (Wednesday)Members are cordially invited

with family

Topics SpeakerIntroduction to International Taxation & Double Tax Avoidance Agreements CA. Rashmin Sanghvi MumbaiTransfer Pricing CA. Mayur Nayak MumbaiTax Deduction at Source under International Taxation CA. Naresh Ajwani, MumbaiBase Erosion & Profi t Shifting (BEPS) CA. Ganesh Rajagopalan, Mumbai

DELEGATE FEE : Member - Rs.2000/-; ARS Members – Rs.1000/-; Non Members- Rs.2500/-

Delegate fee by way of Cash or by Cheque / DD drawn in favour of ‘SIRC of ICAI’ payable at Chennai shall be sent to SIRC of ICAI, ICAI Bhawan, No.122, Mhatma Gandhi Road, Nungambakkam, Chennai – 600034. Phone: 044-30210320; Fax: 044-30210355 ; Email: sirc@icai.in

CA. P.R. Aruloli, Chairman, SIRC of ICAI CA. E. Phalguna Kumar, Secretary, SIRC of ICAI

WORKSHOP ON INTERNATIONAL TAXATIONMonday, July 6, 2015 10.00 a.m. to 05.00 p.m.

P. Brahmayya Memorial Hall, ICAI Bhawan, Chennai

CPE Credit

6HRS

8

June - 2015

CPECredit12 hrs

9

June - 2015

10

June - 2015

Day-1 26/06/2015 (Friday)Defi nition of Service and its taxability “Declared Service” & Place of Provision of Service

CA. J. Purushothaman, Chennai

Negative List and Exemptions CA. V. Alagappan, TiruchirapalliProvisions and Rules relating to Construction & Works Contract CA. V. Sundararajan, SivakasiCENVAT Credit Rules, 2014 relating to Service Tax CA. P. Sankaran, Chennai

Day-2 27/06/2015 (Saturday)Valuation Rules CA. Saravana Kumar, MaduraiPoint of Taxation Rules CA. V. Ramkumar, TiruchirapalliReverse Charge, Joint Charge and their Taxability CA. Balasubramanian, MaduraiStatutory compliance like Registration, Issues of Invoice, Payment of Tax, Adjustment of Excess Payment of Tax: Filing of Periodical Returns, Refund of Service Tax etc

CA. Vijay Anand, Chennai

DELEGATE FEE : Member - Rs.2000/-

Delegate fee by way of Cash or by Cheque / DD drawn in favour of ‘SIRC of ICAI’ payable at Chennai shall be sent to SIRC of ICAI, ICAI Bhawan, No.122, Mhatma Gandhi Road, Nungambakkam, Chennai – 600034. Phone: 044-30210320; Fax: 044-30210355 ; Email: sirc@icai.in

CA. P.R. Aruloli, Chairman, SIRC of ICAI CA. E. Phalguna Kumar, Secretary, SIRC of ICAI

Two Day CPE Workshop on Service Tax LawFriday & Saturday, on June 26 & 27 2015,

P. Brahmayya Memorial Hall, ICAI Bhawan, Chennai.

CPE Credit

12HRS

SIRC OF ICAIin Association with

Lions Blood Bank, Chennai

OUR SOCIAL RESPONSIBILITY –DONATE BLOOD – SAVE LIVES

Days: Saturday & Sunday Date: July 4 & July 5, 2015

Timings: 9.00 a.m. to 2.30 p.m.

Venue: First Floor, Main Building, ICAI Bhawan,

No. 122, M.G. Road, Nungambakkam, Chennai – 600 034

Eligibility:

Any Person of 18 years and above but below 60 years with a minimum weight of 50 kgs.

A certifi cate in appreciation will be issued to every donor at the camp venue itself. A Donor Card, with blood group and date of donation will be issued to every donor within 2 weeks of the camp.

Since you know the value of this noble gesture, we request you to kindly encourage eligible relatives, friends & neighbours to enable us to reach a milestone in Blood Collection

CA. P R Aruloli CA. E Phalguna KumarChairman, SIRC Secretary, SIRC

BLOOD DONATION CAMPBlock Your Calendar...

5th All Regions Joint Conference19th and 20th June, 2015 at ITC Grand Chola, Chennai.

Further Details published in this Newsletter

Host Branch Date(s)Visakapatnam June 12 & 13, 2015

Pondicherry July 4, 2015Tiruchirapalli July 18, 2015Hyderabad August 1, 2015Ernakulam August 8, 2015

Sub Regional Conferences

Venue Host Branches Date(s)Courtallam Tirunelveli & Madurai July 25 & 26, 2015

Araku All Andhra Pradesh & Telangana August 7, 8 & 9, 2015

Regional Residential Courses

Editorial Board

Editor : CA. P.R. Aruloli

Members :

CA. Jose V X CA. Ganesan PCA. Phalguna Kumar E CA. Jawahar SCA. Sekkizhar B CA. Prabakar Pandidurai SCA. Rajarajeswaran P V CA. Rudhrakumar RCA. Raghu K

11

June - 2015

UpdatesDirect Taxes

1. Income-tax (Seventh Amendment) Rules, 2015: The CBDT in exercise of its powers conferred by section 295 of the Income-tax Act, 1961 has amended income tax rules effective from 01.04.2015. One of the signifi cant changes is to seek fi ling of returns in electronic mode with or without digital signature in the following cases viz.: (i) return fi led by partners of fi rms in ITR-3; (ii) individuals or HUFs whose total income exceeds Rs.5 lakhs or where any refund is claimed. However, this will not apply to individuals of the age of 80 years or more at any time during the previous year and who furnish the return in Form ITR-1 or ITR-2; (iii) for all non-profi t organizations who fi le their return of income in Form ITR-7; and (iv) all partnership fi rms even where the accounts are not audited under section 44AB.

2. Response prescribed for arrear demand verifi cation and correction of demands: The CBDT has issued a Circular No.8/2015 dated 14.05.2015 prescribing the action to be performed by the taxpayers who have outstanding tax demand and the action to be taken by the Assessing Offi cers or CPC, Bangalore. The taxpayers have to confi rm whether the outstanding tax demand is correct or not and give reasons in the case of negative reply. The Assessing Offi cers are instructed to verify the same and to reduce the demand by passing rectifi cation order under section 154 in the system. Where the demand is prior to 01.04.2010, it has to be reduced directly on the CPC-FAS system. The Circular however is silent as regards the extension of time limit for passing order under section 154 to reduce the arrear demands.

3. Abeyance of MAT recovery from foreign companies: The CBDT has issued a letter FTS No.96370 / 2015 dated 11.05.2015 to keep on hold recovery of demand already raised by invoking provisions of MAT in the case of foreign companies. It has also advised its offi cers not to issue fresh notices for reopening of cases unless it is getting barred by time limitation. The Finance Minister made a statement in Rajya Sabha on 07.05.2015 which was published as press release dated 08.05.2015 in which he has stated that in the Finance Bill, 2015 exemption from MAT to FIIs has been given prospectively and because of a ruling given by Authority for Advance Ruling in 2012, it is not possible to provide retrospective exemption for the prior periods.

4. Claim of treaty benefits by FIIs under DTAA: In Instruction No. (F.No.500/36/2015-FTD.1) dated

24.04.2015 the CBDT took note of several FIIs claiming income from transactions in securities as exempt by virtue of the DTAA signed between India and their respective countries of residence. It has been decided that in all cases of FIIs seeking treaty benefi ts under the provisions of respective DTAAs, decision may be taken within one month from the date such claim is fi led.

5. LPG subsidy and welfare subsidies of individuals are tax-free: In press release dated 05.05.2015 it has been clarifi ed that LPG subsidies or any other subsidy which is for the welfare of the individuals, shall not be chargeable to tax as income.

Tamil Nadu VAT

In the case of Tulsyan Nec Limited Vs. The AC (CT)

Harbour-(III) Assessment Circle, Chennai, W.P. No.21453

of 2008 and others, the question came for consideration as

to the interpretation of Section 18 of the TNVAT Act, qua

the transactions effected by the petitioners to units in SEZ

and the circular issued by the Commissioner of Commercial

Taxes in Circular No.9 of 2013, dated 24.07.2013 and the

validity of the assessment orders passed.

The Commissioner in the above said circular stated that sale

of goods, involved in the execution of works contract, to any

other registered dealer located in SEZ in the State is not zero

rate sale, as the goods are not exported as such or consumed

or used in the manufacture of other goods that are exported,

as required under Section 18(2) of the TNVAT Act.

Parliament enacted the Special Economic Zones Act, 2005,

and the TN Government enacted the Tamil Nadu Special

Economic Zone (Special Provisions) Act, 2005, and in terms

of Section 12(1)(a) of the State Act, every developer or

entrepreneur shall be entitled to various exemptions and one

such exemption is from levy of tax on the sale or purchase

of goods under the TNGST Act, if the goods are meant to

carry on the authorised operations by the developer or

entrepreneur.

Section 18 of the TNVAT Act provides for zero rating

consisting of two sub-sections; under Section 18(1) there

are three sub-clauses and by virtue of sub-clause (ii) of

Section 18(1), sale of goods to any registered dealer located

in SEZ shall be entitled for input tax credit or refund of the

amount of tax paid on the purchase of goods specifi ed in the

fi rst schedule including capital goods.It was submitted that

Section 18(2)of the TNVAT Act, will have no applicability

to a case falling under Section 18(1)(ii) of the TNVAT Act

and will apply only in case involving export where refund

is granted.

12

June - 2015

Petitioners submitted that they being contractors or works contractors for developers or contractors/sub-contractors of developers who are authorised to carry on such operation as defi ned under Section 2(h) of the CSEZ Act are entitled to exemption. It is relevant to take note of sub-section (2) of Section 12 of TNSEZ Act which states that the Government may prescribe the manner in which and the terms and conditions subject to which the exemption shall be granted to the developer or entrepreneur under sub-section (1) of Section 12. Section 12(2) of TNSEZ Act provides for exemptions which are contemplated under Section 12(1) of the Act and the manner in which and the terms and conditions subject to which such exemption should be granted may be prescribed by the Government. Section 12(1) is an enabling provision to be implemented by the State Government prescribing the manner and terms and conditions subject to which exemption be granted. Therefore, the contention that the benefi t of exemption automatically fl ows from Section 12 is an incorrect submission. The exemption provided for is not akin to the benefi t which is granted under Section 18 of the TNVAT Act. Therefore, the contention raised by the petitioners, to read clause (ii) of Section 18(1) of the TNVAT Act, as a separate compartment and for which purpose relying upon the provisions of the CSEZ Act and TNSEZ Act is devoid of merits. The contention that exemption under TNSEZ Act has no relation to exemption under Section 15 of TNVAT Act does not merit acceptance in the light of the clear language of Section 12(2) of the TNSEZ Act. Stating the above, the circular No.9 of 2013, dated 24.07.2013, is held to be valid and not contrary or ultra vires to the provisions of the TNVAT Act and it is not violative of Article 14 of the Constitution of India or irrational.

Andhra Pradesh VAT

GOs Issued

1. GO Ms No.138 dt. 21-4-2015 – Exempting Tirumala Tirupati Devasthanams from levy of luxury tax in respect of accommodation provided to pilgrims.

2. GO. Ms No.144 dt. 25-4-15 – CTP Governorpet Circle, Vijayawada – Betting Tax Offi cer under AP Horse Race and Betting Tax Rules, 1949

3. GO.Ms. No.158 dt. 11-5-15 – Adding subabul with other goods in item No.9 of Schedule IV – taxable at 4%

Commissioner’s Circulars

1. CCT’s Ref. No. Enft/E3/476/2015 dt. 05-05-15 – instructions in Modification of VAT Registration

Procedures

2. CCT’s Ref. No. Enft/E3/ 455 /2015 dt. 05-05-15 - Check posts- Instruction in changes of Data entry in GIS module

3. CCT’s Ref. No. Enft/E3/422/2015 dt. 06.05.15– exemption from mandatory usage of eWaybills to income and outgoing PSU oil companies – should possess invoice and delivery challans with logo of the PSU oil company.

4. CCT’s Ref. No. AI(1)/12/14 dt. 12-05-15 – Net Input Tax Carried Forwarded as on 2nd June 14 –opting registration in both successive States – instructions issued for claim of Carry forward of Input Tax

DC orders

1. DCs revised the assessment of rice dealers withdrawing the exemption given U/s 5(3) of CST Act for want of producing agreement between foreign importer and Indian exporter (against Circular No. 29 - CCT's Ref. AIII(1)/57/2010 dt. 11th July, 2011 – Production of Form-H, purchase order of exporter and proof of export is required to claim exemption. It is for the assessee or Authorized representative to produce the circular and claim exemption)

STAT

1. Natural Stones – TA No.10/2015 dt. 23-2-15 – no hard and fast rule specifying fi ling of H forms quarterly following HC judgment in Mahabaleswarappa & Sons in WP10758 & 10592/2011 dt. 20-4-11

2. Sree Brihita Vista Chemicals TMP 94/2014 in AR 134/2014 dt. 23-2-15 condoning the delay referring SC judgment in the case of Vedabai @ Vaijayantabai Baburao vs. Shantaram Baburam Patil And Others 253 ITR 798 specifying distinction between delay of few days and inordinate delay.

3. Sree Brihita Vista Chemicals TA Nos. 17 & 18/2015 dt. 9-3-15 – Authorization for audit and assessment given on the same day – ADC in fi rst round dismissed on appeal – Writ fi led – APHC directed ADC to adjudicate the issue of authorization and audit on the same day – ADC repeated earlier order – STAT found fault ADC and directed him to give speaking on the directions of APHC

High Court

1. KCP Limited 59 APSTJ 6 – purchase diesel against C form - utilization of diesel for factory vehicles and transportation from mines to factory – misuse of C form

2. Raghavendra Agencies 59 APSTJ 22 – HC exercises jurisdiction on facts decided perverse – set out in grounds for re-appreciating facts

Haryana HC

1. Carrier Aircon 48 PHT 261 (P&H) – Proof for claiming ITC can be produced before Appellate Authority.

13

June - 2015

Uttar Pradesh HC

1. Yundal Engineering 56 NTN 325 – Penalty U/s 10A – “mens rea” is essential for imposition of penalty

2. Anand Tyres Vs State of UP 2015 TOIL 413 HC (VAT) - Hydraulic excavator is classifi ed as machinery or motor vehicles of all types for levy of entry tax

Telangana VAT

Amendment to S.13 (Notification of effective date to be

specifi ed)

ITC restricted to usage of goods, packing material and capital

goods used in manufacture and goods used for resale locally

and inters State. ITC is to be restricted to Output if Output

lesser. ITC if claimed on goods specifi ed in Schedule VI to

be reversed as specifi ed.

Insertion of S.3C to S.22 - FCI & Civil Supplies Corporation

to VAT from the sale price of the rice and remit to the

Government. S.3D - Distilleries and Breweries to collect tax

on empty bottles and remit to the Government.

GOs issued

1. GO Ms. No.50 dt. 6.5.15 – adding sale of Auto parts

to Automobile manufacturing unit as entry no. 236 in

Sl.No.100 of Schedule IV – (rate of tax at 5%)

High court

1. Omega shelters and batch in WP 11528/2013 and batch

– discussing the characteristics of works contract –

possibility of composition in residential and commercial

apartments even after sale of the flats for post sale

activities.

2. K.G.F. Cottons – WP 17972 / 2008 and batch – from

purchase of taxable from unregistered dealer – detailed

guideline specifi ed - (1) taxable goods produced and

sold in State – purchase not taxable (2) used as common

input for taxable and exempt goods – purchase value

proportionate to exempt sale liable U/s 4(4) – (2)

consignment and stock transfer of goods – proportionate

purchase value taxable U/s 4(4).

Supreme Court

CCT Vs Desai Beedi 2015 TOIL 21-SC–CT-LB, TS-77-SC-

2015-VAT - Beedi Leaves purchased in auction in A.P. - sale

concluded – Mere transport to Maharashtra – not CST sale

and local sale in A.P.

Kerala VAT

� CIRCULAR No.13 / 2015: - Time limit for filing application for compounding under Section 7 of KGST Act, Section 5A of KTL Act and Section 8 of KVAT Act is extended up-to 5th June, 2015 and registration renewal under above enactments for the year 2015-16 is extended up-to 20th May 2015.

� In W.P.(C) No.35232 of 2014 (D), Kerala High Court considered the case relating to payment of advance tax on a consignment of goods brought from outside the state. The Court held that classifi cation of commodities cannot be adjudicated in the proceedings under Article 226 of the Constitution of India but directed the petitioner to approach the appropriate authority for an adjustment of the advance tax already paid by the petitioner in respect of the goods transported in the past.

� In W.P. (C).No.35469 of 2014, issue of detention of an inter-state consignment of arecanuts is involved. This consignment was detained on the ground that though the transportation of the goods was under a delivery note for a quantity of 16000 kgs, the Form No.8 sale bill issued by one of the suppliers to the petitioner was for a quantity of only 6800 kilograms of arecanuts and hence the remaining quantity was not covered by an invoice. The Court ordered for release of the entire consignment on furnishing of a simple bond and directed that the authorities may initiate a separate proceeding for realization of tax due on the remaining quantity.

� In WP(C).No. 20 of 2015 (B), the High Court considered a case where the dealer was issued a pre-assessment notice on 15/11/2014 with a direction to appear before the authority on 21/11/2014 and completed the assessment on 05/12/2014. High Court held that the action of the respondent was illegal as suffi cient time was not granted to the dealer to fi le a reply and quashed the assessment order.

Karnataka VAT

Government of Karnataka

Government of Karnataka hereby exempts the tax payable under the Karnataka Tax on Entry of Goods Act, 1979 for the following with effect from 1st day of October 2014:

Updates continued at page no. 17...

June - 2015June - 22201514

August

22 & 232015

Regional Cof SIRC of

th

47

LOCATION MAP

1515

l Conferenceof ICAI

Please send your registration by at par cheque / demand draft favouring “47th Regional Conference of SIRC of ICAI” payable at Chennai and send the same to The Chairman, SIRC of ICAI, ICAI Bhawan, No.122, Mahatma Gandhi Road, Chennai – 600034. Registration can also be done online through SIRC Website www.sircofi cai.org

The Flight timings at Chennai are published in this Newsletter. The train timings from various places to Chennai and Puducherry and tariff of hotels in Chennai, Mahabalipuram & Puducherry are hosted in the SIRC website (www.sircofi cai.org).

Delegate Fee

Members - ` 3500/- Non-Members - ` 5000/-

CPECredit10 hrs

16

June - 2015

Flight Timings to ChennaiFrom To Flight No. Dep Arrival

Bangalore Chennai

6E-233 06:25 07:259W-2826 06:30 07:35SG-3302 08:00 09:009w-2754 08:25 09:409W-2308 09:40 10:40SG-3304 12:05 13:009W-2780 13:50 14:55AI-264 15:30 16:309W-2352 17:00 18:059W-2738 18:10 19:156E-277 18:55 19:50SG-3308 19:35 20:459W-2304 20:20 21:25SG-3310 21:20 22:159W-2736 22:20 23:30

Calicut Chennai SG-3252 15:15 16:50

Cochin Chennai

SG-3262 07:55 09:15SG-608 09:25 10:40AI-510 12:20 13:25SG-3264 18:00 19:256E-297 20:55 22:10SG-3268 22:10 23:25

Coimbatore Chennai

SG-3022 07:40 08:509W-2762 08:35 09:556E-272 10:00 10:55SG-502 10:35 11:359W-2764 12:00 13:209W-2766 15:40 17:056E-286 17:10 18:159W-2350 18:55 20:20SG-3024 21:05 22:106E-364 22:10 23:15

Hyderabad Chennai

SG-3703 05:50 07:00SG-511 08:30 09:406E-311 09:50 11:006E-316 14:20 15:35LB-652 14:30 15:356E-381 16:30 17:40AI-546 19:00 20:05SG-620 19:15 20:306E-385 19:55 20:556E-383 21:20 22:35

Madurai Chennai

SG-3032 07:45 09:009W-2342 07:55 09:159W-2344 11:35 12:50AI-672 14:00 15:009W-2728 15:15 16:40SG-610 18:00 19:009W-2346 18:35 19:559W-2724 21:30 22:50

Tiruchirapalli Chennai

9W-2751 12:00 13:10IX-681 13:10 14:059W-2406 15:10 16:159W-2790 22:00 23:00

Trivandrum ChennaiAI-968 06:15 07:256E-315 11:10 12:25

Tuticorin ChennaiSG-3592 8:55 10:15SG-3594 16:20 17:40

Vijayawada ChennaiSG-3404 14:25 15:45LB-661 16:10 17:15

Visakhapatnam Chennai6E-512 14:45 16:10SG-3278 19:20 21:00

Flight Timings from ChennaiFrom To Flight No. Dep Arrival

Chennai Bangalore

9W-2735 05:35 06:40AI-263 06:00 06:55SG-3301 06:15 07:309W-2747 06:45 07:55SG-3303 07:30 08:259W-2305 08:05 09:106E-271 09:10 10:009W-2354 11:10 12:109W-2781 15:25 16:35SG-3309 16:15 17:259W-2309 17:50 18:55SG-3307 18:05 19:059W-2757 18:35 19:406E-232 20:55 21:459W-2713 21:55 23:00

Chennai Calicut SG-3251 10:00 11:55

Chennai Cochin

SG-3261 06:10 07:256E-298 06:20 07:30AI-509 10:30 11:40SG-3263 10:35 11:55SG-3267 19:50 21:40SG-607 21:25 22:25

Chennai Coimbatore

SG-3021 06:05 07:156E-375 06:30 07:309W-2761 06:50 08:05SG-501 09:05 10:056E-285 10:05 11:009W-2763 10:10 11:309W-2765 13:50 15:106E-275 17:00 18:009W-2349 17:10 18:30SG-3023 19:45 20:459W-2767 20:50 22:10

Chennai Hyderabad

LB-651 05:30 06:456E-384 05:55 07:10SG-3704 06:10 07:30SG-615 10:10 11:106E-382 11:30 12:356E-315 12:50 13:556E-302 15:45 16:50AI-545 17:15 18:206E-386 18:15 19:30SG-512 19:55 21:00

Chennai Madurai

9W-2341 06:05 07:30SG-3031 06:10 07:259W-2343 09:50 11:10AI-671 12:20 13:209W-2727 13:30 14:50SG-609 16:30 17:309W-2345 16:45 18:059W-2723 19:45 21:05

Chennai Tiruchirapalli

IX-682 01:30 02:309W-2750 10:25 11:309W-2405 13:40 14:409W-2789 20:25 21:30

Chennai Trivandrum6E-316 16:05 17:25AI-967 17:35 18:50

Chennai TuticorinSG-3591 07:15 08:35SG-3593 14:30 16:00

Chennai VijayawadaSG-3403 09:20 10:40LB-662 17:35 18:40

Chennai Visakhapatnam6E-511 07:20 08:25SG-3277 17:20 18:55

47th Regional Conference of SIRC of ICAI - August 22 & 23, 2015 Confl uence, Mahabalipuram, Chennai - 603 104.

17

June - 2015

Notifi cation –I

1. On the entry of Plant and Machinery, capital goods and captive power generation plant as specifi ed in the Govt. Order No. CI 58 SPI 2013 dated: 1st October, 2014 for period of Three years from the date of commencement of its project, and

2. On the entry of any goods for use as a raw material, components and consumables as specifi ed in the Govt. Order No. CI 58 SPI 2013 dated: 1st October, 2014 for a period of fi ve years from the date of commencement of commercial production for General Category Entrepreneurs and Six years by the SC/ST, Women, Minorities, Backward Classes, Physically challenged and Ex-servicemen Entrepreneurs.

Notifi cation–II

1. On the entry of Plant and Machinery, capital goods and captive power generation plant, caused by a dealer who is a new Large/Mega/super Mega/Ultra Mega Enterprises as specifi ed in the Govt. Order No. CI 58 SPI 2013 dated: 1st October, 2014 for period of three years from the date of commencement of its project for Large and Mega Enterprises and Five years for Ultra Mega Enterprises and super Mega Enterprises, and

2. On the entry of any goods for use as a raw material, components and consumables as specifi ed in the Govt. Order No. CI 58 SPI 2013 dated: 1st October, 2014 for period of Five years from the date of commencement of its project by Large Enterprises, Six, Seven and Eight years for Mega, Ultra Mega and super Mega Enterprises respectively.

Notifi cation –III

1. On the entry of Plant and Machinery, capital goods and captive power generation plant, caused by a dealer who is a new Ultra Mega or super Mega Enterprises identifi ed as Focused Manufacturing Sector Industry as specifi ed in the Govt Order No. CI 58 SPI 2013 dated: 1st October, 2014 for period of Five years from the date of commencement of its project; and

2. On the entry of any goods for use as a raw material, components and consumables as specifi ed in the Govt Order No. CI 58 SPI 2013 dated: 1st October, 2014 caused by a dealer who is a new Ultra Mega or super Mega Enterprises identifi ed as Focused Manufacturing Sector Industry for a period of Nine years from the date of commencement of its project.

Notifi cation –IV

1. On the entry of Plant and Machinery, capital goods and captive power generation plant, caused by a dealer who is a one hundred percent Export Oriented Unit and other

Export Oriented Unit with a minimum obligation of 50% of their total turnover, who is a new industrial unit in the State as specifi ed in the Govt Order No. CI 58 SPI 2013 dated: 1st October, 2014 for period of Three years from the date of commencement of its project.

2. On the entry of any goods for use as a raw material, components and consumables as specifi ed in the Govt Order No. CI 58 SPI 2013 dated: 1st October, 2014 caused by a dealer who is a one hundred percent Export Oriented Unit and other Export Oriented Unit with a minimum obligation of 50% of their total turnover Five years from the date of commencement of its project.

Banking and Insurance

Government of India has come out with draft guidelines for the proposed gold monetisation scheme and seeks feedback. The use of gold so mobilised by banks to meet the mandatory liquidity requirements is also on the cards.

Regulator has now broad based priority sector classifi cation as well as the targets. It has now factored in certain categories of Social and Renewable energy sectors as well in to this categorisation. In the case of agricultural sector, RBI has done away with the distinction between direct and indirect agriculture activities. Bank loans to food and agro processing would form part of agriculture hereafter.

In the social sector, loans upto Rs.5 cr. to establish schools, healthcare facilities, drinking water and sanitation facilities in certain centres have been brought under priority sector.

In the case of renewable energy, loans up to Rs.15 cr. for power generation based on solar, biomass and wind mills would get covered. For individuals loans up to Rs.10 lacs for such efforts would get classifi ed as priority sector lending.

Housing loans for repairs of dwelling units would be classifi ed as priority lending, upto Rs.5 lacs in metropolitan centres and up to Rs.2 lacs in other areas. In the case of education, loans to individuals up to Rs.10 lacs for educational purposes including vocational courses (irrespective of the sanction amount) would be considered under priority sector lending.

Thus priority sector would cover agriculture, Micro Small and Medium Enterprises, education, Social Infra, Export Credit, Housing, Renewable Energy etc. to the extent identifi ed by the regulator.

NPAs in farm sector are expected to go up due to a variety of reasons in the coming months- unseasonal rains, hails, a weak and defi cient monsoon etc. Agriculture accounted for

18

June - 2015

16% growth in Fiscal 15 and contributed 25% of credit growth during this period. With a lag, stressed assets in this sector are expected to hit the banking industry. A loan restructuring package is said to be in the horizon providing much needed solace to the farmers deep in debt.

Increase in frauds is a major cause for worry with commercial banks. In 2013-14, banks reported 2593 cases of fraud involving Rs.7542 cr. The quantum has seen a steep increase since then- banks reported 2166 cases during the nine month ending December 2014 with the quantum involved at a staggering Rs.11022 cr. Banks intend putting in place a mechanism by which they alert each other on fraudulent borrowers.

While undertaking a thematic review on aspects covering opening Fixed Deposit accounts, extending Overdraft facilities etc., the regulator came across violations in adherence to guidelines in the case of 11 banks. While three of them were fi ned Rs.15 mio each, the explanations of the other 8 were accepted but were told to exercise caution in future. The fi ndings included:

* Non-adherence to certain aspects of KYC norms like customer identifi cation and acceptance procedure

* Non-adherence to the instructions on monitoring of transactions in customer accounts

* Non-adherence to the instructions regarding funds received through Real Time Gross Settlement System (RTGS)

* opening of fi xed deposit accounts and granting overdrafts without due diligence or process

* Weaknesses in the internal control systems, management oversight in the use of internal accounts for parking customer funds, etc.

* Involvement of middlemen/intermediaries in opening of the accounts as also in the subsequent operations in those accounts.

FEMA

1. Foreign Direct Investment (FDI) – Reporting under FDI Scheme on the e-Biz platform:

RBI vide A.P. (DIR Series) Circular No. 95 dated April 17, 2015 has invited attention to the provisions of the FEM (Transfer or Issue of Security by a Person Resident outside India) Regulations 2000, notifi ed by the Reserve Bank vide Notifi cation No. FEMA 20/2000-RB, dated 3rd

May 2000, as amended from time to time. Attention of AD Category-I banks is also invited to A.P. (DIR Series) Circular No.77 dated February 12, 2015, advising the enabling of reporting of Advanced Remittance Form and FCGPR Form under the FDI scheme on the e-Biz platform of the Government of India. Vide this circular RBI has notified the modalities of using the VPN obtained from NIC for accessing the e-biz portal and related issues

2. Merchanting trade to Nepal and Bhutan:

RBI vide A.P. (DIR Series) Circular No. 97 dated April 30, 2015 has reviewed the A.P. (DIR Series) Circular No. 115 dated March 28, 2014 wherein in terms of the revised merchanting trade guidelines stipulated therein, for a trade to be classifi ed as merchanting trade, goods acquired should not enter the Domestic Tariff Area and the state of the goods should not undergo any transformation. Further, the goods involved in the merchanting trade transaction would be the ones that are permitted for exports / imports under the prevailing Foreign Trade Policy (FTP) of India, as on the date of shipment and all the rules, regulations and directions applicable to exports (except Export Declaration Form) and imports (except Bill of Entry), should be complied with for the export leg and the import leg respectively.

As Nepal and Bhutan are landlocked countries, there is a facility of transit trade whereby goods are imported from third countries by Nepal and Bhutan through India under the cover of Customs Transit Declarations in terms of the Government of India Treaty of Transit with these two countries. In consultation with Government of India, it is clarifi ed herein that goods consigned to the importers of Nepal and Bhutan from third countries under merchanting trade from India would qualify as traffi c-in-transit, if the goods are otherwise compliant with the provisions of the India-Nepal Treaty of Transit and Indo-Bhutan Treaty of Transit respectively.

3. Export of Goods and Services - Declaration of Exports of Goods/Software

RBI vide A.P. (DIR Series) Circular No. 101 dated May 14, 2015 has reviewed the Authorised Dealers. Attention is invited to Regulation 6 of the Notifi cation No. FEMA 23/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, as amended from time to time, in terms of which every exporter of goods or software has to declare the same in one of the forms stated therein.

To further liberalise and simplify the procedure, it has been decided to dispense with the requirement of declaring the export of Goods /Software in the SDF in

19

June - 2015

case of exports taking place through the EDI ports, as the mandatory statutory requirements contained in the SDF have been subsumed in the Shipping Bill format.

Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned.

Corporate Laws

The Companies (Amendment) Bill, 2015

(Earlier passed by the Lok Sabha and now passed by the Rajya Sabha on 13th May, 2015)

1. No minimum requirement of capital for public and private company : One lakh rupees and fi ve lakh rupees respectively for start-up of private and public companies as specifi ed in Section 2 (68) & (71) is dispensed.

2. No declaration before Commencement of Business or exercising borrowing powers: Section 11 of the Companies Act, 2013 is to be omitted and therefore directors are not required to fi le any declaration.

3. Common Seal now made optional.

4. Specifi c punishment for acceptance of deposits: The amendment provides for the same with penalty ranging from one crore to ten crore of rupees for the company and for every offi cer who is in default by way of imprisonment which may extent to 7 years or with fi ne ranging not less than 25 lac of rupees and upto two crore of rupees. Action under section 447 (for fraud) will also follow.

5. Public inspection of Board Resolutions prohibited: This has been done by way of proviso in section 117(3)(g) that no person shall be entitled under section 399 to inspect or obtain copies of such resolutions.

6. Before declaration of dividend, company to write off past losses/depreciation: Though the same was provided in the Rules to the Act, 2013, it was not there in the Act.

7. Shares to be transferred only if dividend remains unpaid or unclaimed for a continuous period of seven years: Now the amended section 124(6) provides that only if dividend remains unpaid or unclaimed for a period 7 consecutive years, shares to be transferred to IEPF.

8. Threshold limits to be proposed for reporting on fraud: Earlier in section 143(12/Rules thereto, there were no threshold limits prescribed for reporting on fraud by the auditors. Now a threshold limit has been proposed to be included in the Rules and accordingly the said section has

been amended to provide for the same.

9. Exemption on the prohibition of loans to Directors now provided in the Act: Earlier the Rules to section 185

provided for exemptions to such prohibitions. Now the same as been provided in the Act itself.

10. Audit Committee empowered to make omnibus approvals for RPT: To align with Clause 49 to the listing

agreement and to provide for ease of doing business,

section 177 (4) has been amended to empower AC to

make omnibus approvals for related party transactions.

11. Relaxations for RPT: Now an ordinary resolution (instead

of special resolution as provided in section 188) shall

suffi ce for the purpose and also related party transactions

between holding and wholly owned subsidiaries are

exempted from the requirement of passing resolution at

the general meeting.

12. Now Bail restrictions to apply only for offence relating to fraud under section 447.

13. Winding Up cases now will be heard by a two member bench instead of a three member bench as earlier provided in section 419(4).

14. Special Courts under section 435(1) to try only offences carrying imprisonment of two years or more: Earlier in

the said section, it provided for the trial of all offences. All

other offences shall be tried by a Metropolitan Magistrate

or a Judicial Magistrate.

15. Rationalization of the procedure relating to laying draft notifi cations: In order to rationalize the procedure,

section 462 has been proposed to be amended that such

draft notification shall be laid before each House of

Parliament in session for a total period of thirty days and

such notifi cation shall be issued only if it is approved by

both the Houses.

SEBI

Disclosures under SEBI (Prohibition of Insider Trading) Regulations, 2015 - Circular No.ISD/01/2015, dated 11-5-2015

1. With reference to the requirements of regulation 6 of SEBI

(Prohibition of Insider trading) Regulations 2015 ("the

Regulations"):

i. Formats for disclosures are as annexed.

ii. Such disclosures may be maintained by the company

in physical/electronic mode.

2. With reference to the requirements of the regulation

8 (Code of Fair Disclosure) and regulation 9 (Code of

20

June - 2015

Conduct) of the Regulations, the companies shall also

ensure that:

i. Formulated and published (on its offi cial website),

code of practices and procedures for fair disclosure

of Unpublished Price Sensitive Information (UPSI),

is confi rmed to the stock exchanges, immediately.

ii. Formulated code of conduct is confi rmed to the

stock exchanges, immediately.

iii. A company deals with only such market intermediary/

every other person, who is required to handle UPSI,

who have formulated a code of conduct as per the

requirements of the Regulations.

3. The Stock Exchanges are advised to:

a. Put in place the adequate systems and issue the

necessary guidelines for implementing the above

decision.

b. Make necessary amendments to the relevant bye-

laws, rules and regulations as applicable for the

implementation of the above decision immediately.

c. Bring the provisions of this circular to the notice of

the listed companies/issuers and also to disseminate

the same on the website immediately.

4. This circular is being issued in exercise of the powers

conferred under Section 11 (1) of the Securities and

Exchange Board of India Act 1992 and under regulations

4(3) and 11 of the Regulations and, to protect the interests

of investors in securities and to promote the development

of, and to regulate the securities market.

International Taxation

REASSESSMENTS UNDER SECTION 147

Section 147 of the Income Tax Act is similar to a lot of other Sections in the Act. It starts of with a main clause- Section 147 is about taxing income that has escaped assessment- has a couple of provisos which either provide an exemption or relief from the main clause and ends up with Explanations (147 has 4 of them) that clarify matters with regard to the main clause and the provisos. 147 empower the Assessing Offi cer to assess or reassess any income that should have been chargeable to tax but has not been so charged. The Section also applies to any other income chargeable to tax that comes to the notice of the Offi cer during the course of any proceedings and gives him the power to re-compute the loss or depreciation or any other allowance. Being a powerful Section, the fi rst proviso puts a limitation of time to prevent time-barred reassessments- in

case an assessment has been made under Section 143(3), no action shall be taken under 147 after the expiry of four years from the end of the relevant assessment year. However, the Income-Tax Act is smart enough to understand that four years is not much in an Indian situation. It states that the four-year time-barring restriction would not apply to any income chargeable to tax that has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under Section 139 or in response to a notice issued under sub-section (1) of Section 142 or Section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year. Section 148 empowers the Offi cer to issue a notice for the reassessment.

In the case of L.G. Electronics (P.) Ltd. v. Assistant Commissioner of Income-tax, [2015] 57 taxmann.com 178 (Allahabad) what could be non-disclosure of material facts was highlighted with reference to Section 9 of the Income Tax Act. In this case, at the time of making assessment, assessee did not disclose about existence of PE of its parent company in India and as a result, Assessing Offi cer could not examine as to whether tax was deductible at source while making remittances to parent company located abroad, it was to be regarded as a valid ground for reopening of assessment. The Assessing Offi cer initiated reassessment proceedings in case of assessee on ground that it had made payments to its parent company located in Korea without deducting tax at source and, thus, said payments were to be disallowed. Assessee raised an objection that in absence of any failure on its part to disclose truly and fully all material facts necessary for assessment, initiation of reassessment proceedings after expiry of four years from end of relevant year was not sustainable.

The Allahabad High Court held that in the reasons disclosed for initiating the reassessment proceedings in the facts of the case, no fault can be found as the assessee had failed to disclose fully and truly the complete facts in respect of L.G. Electronics, Korea having a P.E. in India to which payments have been made. In view of the said conclusion, the Court found that there is a nexus between the reasons recorded and the belief that income had escaped assessment because of fully and truly information having not been furnished by the assessee. The Assessing Offi cer has given valid reasons to believe that income had escaped assessment. The Court referred to the decision of the Supreme Court in Morgan Stanley & Co wherein the Apex Court had stated that:

The object behind enactment of transfer pricing regulations is to prevent shifting of profi ts outside India. Under Article 7(2) not all profi ts of MSCo would be taxable in India but only those which have economic nexus with P.E. in India. A foreign enterprise is liable to be taxed in India on so much of its business profi t as is attributable to the P.E. in India. The quantum of taxable income is to be determined in accordance with the provisions of the

21

June - 2015

Income-tax Act. All provisions of the Income-tax Act are applicable, including provisions relating to depreciation, investment losses, deductible expenses, carry forward and set off losses etc.

Conclusion: There are a host of other decisions too which provide instances of failure to fully disclose all material facts at the stage of assessment. The conclusion that one can reach from the above and other decisions is to ensure that there are no items left to disclose to the Assessing Offi cer during the course of assessment proceedings. As in all cases, exhaustive and fool-proof documentation can assist in this.

Central Excise and Service Tax

New Changes made in Service Tax through Finance Bill, 2015 as passed by Lok Sabha as on 30th April, 2015

Lok Sabha while passing the Finance Bill 2015 has made

certain changes in service tax provisions from what was

contained in its original version. These are briefl y discussed

below:

1. Changes in Penalty provisions under section 76 – Earlier

it was proposed that reduced penalty of 25% of penalty

originally levied was allowed if ST+interest+25% penalty

is paid within 30 days of order of appellate authority or

tribunal or court provided service tax amount determined

by adjudicating authority was reduced in appellate order.

Now this provision is changed that reduced penalty option

is available only if penalty as determined u/s 73(2) is

increased by appellate authority or tribunal or court as

the case may be.

2. Changes in Penalty provisions under section 78 – Earlier it

was proposed that if the amount of service tax gets reduced in any appellate proceedings, then the penalty amount

shall also stand modifi ed. Accordingly benefi t of reduced

penalty (25% of service tax amount) shall be admissible

if service tax + interest + 25% penalty is paid within 30

days of such appellate order. Now this provision is changed

that if the amount of service tax is modifi ed (increased or reduced) in appellate order passed by appellate authority

or tribunal or court then the interest and penalty shall also

stand modifi ed and benefi t of reduced penalty shall be

admissible if service tax + interest + 25% penalty is paid

within 30 days of appellate order.

3. Changes in Penalty provisions under section 78B

(Transition provision) – Amendment in respect of section

73(4A) stated in section 78B is deleted and now it is

provided that for the cases notice is issued u/s 73(1) but

order u/s 73(2) is not yet issued till the date of enactment of Finance Bill, the period of 30 days shall be counted from the date on which the Finance Bill, 2015 receives the assent of the President for the purpose of closure of proceedings on payment of service tax and interest under section 76 (1) and for payment of service tax, interest and penalty under section 78(1).

4. Changes in Cenvat Credit Rules – Credit in respect of EC & SHEC in respect of inputs & input services received on or after 01st March 2015 and balance 50% credit in respect of capital goods purchased in FY 2014-15 are allowed to be set off with excise duty payable by a manufacturer. Provision is silent about balance available in EC & SHEC credit as on 01st March, 2015. Notifi cation No.12/2015-Central Excise (N.T.), dated 30.04.2015.

5. Service tax on services of Life insurance business provided under PMJJBY scheme and PMJDY scheme are exempted. Also Service tax on Services of general insurance business provided under PMSBY scheme and APY scheme are exempted. Notifi cation No. 12/2015-ST, Dated: April 30, 2015.

SCHOLARSHIP FROM S. VAIDYANATH AIYAR MEMORIAL FUND (SVAMF), ICAI FOR 2014-2015.

The Managing Committee of the S. Vaidyanath Aiyar Memorial Fund have decided to award scholarships to 100 students (who are currently undergoing articled training in accordance with The Chartered Accountants Regulations, 1988 who are poor, needy but meritorious) requiring scholarship to pursue the Chartered Accountancy course @ Rs. 1000/- p.m. for one year with effect from 1st April, 2014 to 31st March, 2015 to be paid in lump sum, subject to fi ling of application for the same.The eligibility criteria for obtaining scholarship from SVAMF are as under:i) Passed 10 + 2 examination with a minimum of 70 percent

marks and also have Passed Common Profi ciency Test of ICAI in the fi rst attempt (or) Passed B.Com Examination of a recognized University with a minimum of 60% marks.

ii) Currently undergoing articled training as per CA Regulations.iii) Annual income of parents from all sources must be less

than Rs. 1.50 lakh. Students who are needy, poor but meritorious and are fulfi lling the above criteria may apply for scholarship from the S. Vaidyanath Aiyar Memorial Fund. Students may send their request in the prescribed and duly fi lled Form to the Member Secretary, S.Vaidyanath Aiyar Memorial Fund, C/o The Institute of Chartered Accountants of India, ICAI Bhawan”, A-29, Sector-62, Noida-201309, Dist. Gautam Budh Nagar (U.P.) so as to reach on or before 15th June, 2015. (Email : cabf@icai.in) The form can be downloaded from website of the Institute www.icai.org. The Managing Committee of the S. Vaidyanath Aiyar Memorial Fund will consider each of such cases on merit basis and decide at their discretion the amount to be granted from S.Vaidyanath Aiyar Memorial Fund. Application form can be downloaded at http://220.227.161.86/37436mss26958appform.pdf

22

June - 2015

S.NO. NAME OF THE PUBLICATION RATE POSTAGE

1 Application Guide on the Provisions of Schedule II to the Companies Act, 2013 ` 150 ` 30

2Indian Accounting Standards (IND AS): Carve - Outs from IFRS and Comparison with existing Accounting Standards ` 100 ` 30

Publication Counter is open from 10.00 am to 5.00 pm (Except Lunch hour 1.00 pm to 2.00 pm) on all working days. If publications are required by post, please send DD/at par Cheque favouring “ICAI”payable at Chennai.

S.NO. NAME OF THE PUBLICATION RATE POSTAGE

1 Application Guide on the Provisions of Schedule II to the Companies Act, 2013 ` 150` ` 30

I di A i S d d (IND AS) C O f IFRS d C i i h

NEW ARRIVALS AT PUBLICATIONS COUNTER - SIRC OF ICAI – ICAI BHAWAN – CHENNAI

The position of disposal of various matters relating to Members and Students of Regional Office, Chennai

as on 25/05/2015 is as under:

ParticularsDisposal of records

received upto 25/05/2015

MembersEnrolment of Members 18.05.2015

Fellow Admission 19.05.2015Grant of COP 22.05.2015Restoration of Name 19.05.2015Constitution of Firms 20.05.2015Reconstitution of Firms 18.05.2015Paid Assistant 18.05.2015Change of Address – Members 21.05.2015Change of Address – Firms 18.05.2015

StudentsRegistration of Articles 15.05.2015Re-registration of Articles 15.05.2015Industrial Training 18.05.2015Termination of Articles 15.05.2015Completion of Articles 18.05.2015Permission to pursue Other Courses 18.05.2015Despatch of Materials – CPT 12.05.2015Despatch of Materials – IPCC 24.04.2015Despatch of Materials – ATC 24.04.2015

Despatch of Materials – Final 10.05.2015

Despatch of Materials - ITT 24.04.2015

WORK DISPOSAL POSITION

OBITUARYS.No. MRN Name Status Place Date of Death

1 015571 Mr. Narasimhaprasad M S Y FCA Rajamahendravaram 30-12-2014

2 005198 Mr. Hebbar Ramakrishna Kattingeri FCA Secunderabad 02-01-2015

3 019736 Mr. Venkataramani R ACA Singapore 27-01-2015

4 020737 Mr. Balraj N FCA Coimbatore 09-02-2015

5 002296 Mr. Viswanathan A R FCA Bangalore 23-02-2015

6 023587 Mr. Veerappan M FCA Tiruchirapalli 25-04-2015

May the Almighty Architect of the Universe rest the souls in peace

GENERAL AMNESTY SCHEMENumber of Members restored under the

General Amnesty SchemePeriod Cum. Nos.

Up to 15th January 2015 003Up to 31st January 2015 040Up to 15th February 2015 074Up to 28th February 2015 119Up to 7th March 2015 143Up to 14th March 2015 164Up to 21st March 2015 202Up to 28th March 2015 252Up to 4th April 2015 252Up to 11th April 2015 329Up to 18th April 2015 367Up to 25th April 2015 423Up to 2nd May 2015 520Up to 9th May 2015 567Up to 16th May 2015 686Up to 23rd May 2015 726Up to 27th May 2015 739

Number of Members restored retrospectivelyw.e.f. 01-10-2014

Period Cum. Nos.Up to November 2014 079Up to December 2014 378Up to January 2015 578Up to February 2015 685Up to March 2015 847Up to April 2015 917Up to 27th May 2015 919Total number of members restored in Southern Region till date 1658

The SIRC / ICAI does not accept any responsibility for the views expressed in different contributions / advertisements published in this Newsletter.

The SIRC / ICAI does not accept any responsibility for the views expressed in different contributions /advertisements published in this Newsletter

Disclaimer

23

June - 2015

CA.V.MURALI, B.Com., F.C.A., A.C.M.A., Central Council Member of The Institute of Chartered Accountants of India and Chairman Board of Studies has been nominated to the Committee on Education, Training and CPD constituted

by the South Asian Federation of Accountants (SAFA) for the year 2015-2016.

SIRC congratulates him on his nomination and wish him all success in his endeavour.

Congratulations

Mr. R.K. Punithan, Assistant Secretary, ICAI retired on superannuation after 36 years of estimable service on 29th May 2015. He joined the Institute in 1978 as LDC and rose to the present position by his earnest and hard work. He has served in all the departments of DCO and SIRC and fi nally he was heading the PRO.

May the Almighty, give him health, wealth, prosperity, peaceful and long retired life.

Mr. R.K. PunithanWE WISH YOU A HAPPY RETIRED LIFE

NEW GMCS-I and GMCS-II batches start on 11th June, 2015 (Thursday) at SIRC Chennai. For Registration, please logon to http://www.icaionlineregistration.org/Admin_Module/login.aspx (For further details, visit www.sircofi cai.org under the caption students) Fees by way of DD only in favour of “SIRC OF ICAI” payable at Chennai.

ANNOUNCEMENT

VXJC & Affi liates, a network of IndianCA Firms, is looking for CAs/CA Firms from any location for partnership/ acquisition/merger or network association. Contact : vxjc@vxjc.com

VXJC & Affi liates, a network of IndianCA Firms, is looking for CAs/CA Firms from any

CLASSIFIED ADVERTISEMENT

SIRC Chairman CA. P.R. Aruloli greeting the +2 Exam Toppers in Chennai,

Tirupur and Coimbatore

24

June - 2015Re

sour

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CA. Anand P. JangidBangalore

CA Navita SrikantDelhi

Seminar on Forensic Auditing andFraud Prevention, May 29, 2015 at Chennai

CA. P.R. AruloliChennai

Mr. Nirmal JoseChennai

CA. P. SelvamoorthyChennai

CA. Nilesh Shivaji VikamseyMumbai

CA. Bhavani BalasubramaniamChennai

Two Day National CPE SeminarMay 22 & 23, 2015 at Chennai

CA. Padam Chand KinchaBangalore

CA. P.R. RameshHyderabad

CA. Upender Gupta, IRSNew Delhi

CA. Kuntal P. ShahAhmedabad

CA. Dhinal Ashvinbhai ShahMadurai

CA. Jomon K. GeorgeKochi

Study Circle Meetings & Workshop-May 2015

CA. N.S. Sivakumar Chennai

06.05.2015 13.05.2015

CA. V. SudharsanSalem

27.05.2015

20.05.2015

CA. G.V.V. Satyanarayana Vijayawada

Workshop - 16.05.2015

CA. Deepak KumarChennai

CA. D. KalaialaganVellore

CA. Pradeep GadhiyaChennai

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25

June - 2015

National CPE Seminar – May 22 & 23, 2015, Chennai: CA. M. Devaraja Reddy, Vice-President-ICAI being honoured by SIRC Chairman CA. P.R. Aruloli. Also seen (L-R): SIRC Treasurer CA. B. Sekkizhar, RD (SR), MCA Shri B.K. Bansal, ICAI CPE Committee ChairmanCA. Babu Abraham Kallivayalil and CCM CA. Nilesh S Vikamsey.

Training Programme for Superintendent of Central Excise and Service Tax - May 12-14, 2015, NACEN, Chennai : SIRC Chairman CA. P.R. Aruloli addressing the delegates. Also seen (L-R) Mr. P.V.K. Rajasekhar, IRS, Deputy Director, NACEN and CA.S. Sundar Raman

Seminar on Forensic Auditing and Fraud Prevention - May 29, 2015, Chennai: Dignitaries at Inaugural Session (L-R) SIRC Secretary CA. E. Phalguna Kumar, SIRC Chairman CA. P.R. Aruloli, Chairman CIT of ICAI CA. Rajkumar S Adukia and Resource Person CA. Navita Srikant.

SIRC Regional Residential Seminar – May 8 & 9, 2015, Guruvayur – Host: Trichur, Coimbatore & Erode Br.: SIRC Chairman CA. P.R. Aruloli addressing the delegates. Also seen (L-R) Trichur Br. Chairman CA. Joseph T I, SIRC Vice-Chairman CA. V.X. Jose, Erode Br. Chairman CA. J.S. Ayub & Coimbatore Br. Chairman M. Robert Kennedy.

Farewell function - May 29, 2015, Chennai : SIRC Chairman CA. P.R. Aruloli presenting a memento to Shri R.K. Punithan, Assistant Secretary, ICAI in the presence CCM CA. V. Murali, SIRC Secretary CA. E. Phalguna Kumar, Shri G. Viswanathan, Regional Head, ICAI and Shri N. Ramakrishnan, Regional Joint Secretary, ICAIEA.

Regional Residential Seminar at Munnar - May 1-3, 2015 - Host Ernakulam and Tirupathi Br. : SIRC Chairman CA. P.R. Aruloli inaugurating in the presence of SIRC Secretary CA. E. Phalguna Kumar, Offi ce Bearers of Ernakulam and Tirupathi Branches.

Group Photograph at Regional Residential Seminar at Munnar

26

June - 2015

SIRC Regional Residential Seminar – May 8 & 9, 2015, Guruvayur – Host: Tiruchur, Coimbatore & Erode BranchGroup Photograph of delegates with Offi ce Bearers of SIRC, Trichur Branch, Coimbatore Branch and Erode Branch.

National Convention for CA Students – May 20 & 21, 2015, ErnakulamCA. V. Murali, Chairman, BOS-ICAI inaugurated. Also seen Chairman, Offi ce Bearers and RCMs of SIRC,

Chairman and MC Members of Ernakulam Branch and SICASA and other dignitaries.

SIRC Regional Residential Seminar – May 2 & 3, 2015, Yelagiri – Host: Vellore & Nellore BranchGroup Photograph of delegates with Chief Guest CA. M. Devaraja Reddy, Vice-President-ICAI,

Chairman, Secretary and Treasurer of SIRC, Chairman of Vellore and Nellore Branch.

272

National Faculty Development Programme organised by BOS-ICAI & SIRC – May 2 & 3, 2015, Chennai

1st Sub Regional Conference of SIRC – May 23, 2015, Mysore – Host: Mysore Br.: SIRC Chairman CA. P.R. Aruloli addressing the delegates. Seated (L-R): Mysore Br Secretary CA. M.C. Shivananda, RCM CA. Cotha S. Srinivas, SIRC Secretary CA. E. Phalguna Kumar, Mysore Br Chairman C.S. Sathyanarayana and SIRC Vice-Chairman CA. V.X. Jose.

General Amnesty Scheme – May 10, 2015, Chennai: Offi cers and Staffs of SIRC and Members Department along with SIRC Chairman CA. P.R. Aruloli at the initiative to reach the members for the General Amnesty Scheme.

SIRC Regional Residential Seminar – April 24 to 26, 2015 – Yercaud: Dignitaries at the Inaugural Session. From (L-R): Pondicherry Br Secretary CA M.S. Ravichandran, SIRC Imm. Past Chairman CA. P.V. Rajarajeswaran, Salem Br Chairman CA. A. Sowkath Ali, Salem Commissioner of Income Tax Mr. Arulappa, IRS, SIRC Chairman CA. P.R. Aruloli, Pondicherry Br Chairman CA. K. Kumuraguru, SIRC Secretary CA. E. Phalguna Kumar and Salem Br Secretary CA. R. Raveendran.

CA. M. Devaraja Reddy, Vice-President-ICAI honouring CA. V. Murali, Chairman, BOS-ICAI in the presence of SIRC Chairman CA. P.R. Aruloli, CCM CA. S. Santhana Krishnan, Treasurer CA.B. Sekkizhar

SIRC Regional Residential Seminar – May 2 & 3, 2015, Yelagiri – Host: Vellore & Nellore Br.: Chief Guest CA. M. Devaraja Reddy, Vice-President-ICAI (3rd from Left). Also seen from (L-R): SIRC Secretary CA. E. Phalguna Kumar, Vellore Br Chairman CA. B.S. Surya Narayanan, SIRC Chairman CA. P.R. Aruloli, Nellore Br Chairman CA. P.V. Rama Raghava Rao and SIRC Treasurer CA. B. Sekkizhar.

Chief Guest DGP A. Natraj, IPS lighting the lamp on May 3, 2015 in the presence of CA. V. Murali, Chairman, BOS-ICAI and CCM CA. S. Santhana Krishnan.

CPE Meeting on “Make in India – Role of CAs” - May 25, 2015, Chennai. Shri T.S. Krishnamurthy, IRS, Former Chief Election Commissioner with SIRC Chairman CA. P.R. Aruloli, Past CCM CA. G. Narayanaswamy and CA. R. Marimuthu.

National Convention for CA Students – May 20 & 21, 2015, Ernakulam: CA. V. Murali, Chairman, BOS-ICAI being honoured by CCM CA. Babu Abraham Kallivayalil in the presence of SIRC Chairman CA. P.R. Aruloli.

Chief Guest at Valedictory Session Dr. R.K. Raghavan, IPS, Former Director, CBI being honoured by SIRC Chairman CA. P.R. Aruloli in the presence of CA. V. Murali, Chairman, BOS-ICAI.

GMCS Course – May 19, 2015, Chennai: Chief Guest Mr. Nalli Kuppuswami Chetti being honoured by CA. V. Murali, Chairman, BOS-ICAI in the presence of SIRC Chairman CA. P.R. Aruloli and Resource Person CA. R. Gayathri Devi.

Group photo of Faculty Participants along with CA. V. Murali, Chairman, BOS-ICAI, SIRC Chairman CA. P.R. Aruloli and BOS Addl. Secretary Mrs. Vandana Nagpal.

ICAI Ceritifi cate Course on Forex and Treasury Management - May 9, 2015, Chennai. CA. V. Murali, Chairman, BOS-ICAI being presented a bouquet by a participant in the presence of SIRC Chairman CA. P.R. Aruloli and Resource Person.

Interactive Meeting with Members at Hyderabad Branch – May 18, 2015: SIRC Chairman CA. P.R. Aruloli along with SIRC Treasurer CA. B. Sekkizhar, SICASA Chairman CA. Adusumilli Venkateswara Rao, Hyderabad Br Chairman CA. V. Raghunandan, Managing Committee Members, DCO and Branch staff.

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